1. Record the journal entry for the July 1 payment. 2. Record the adjusting entry required at July 31. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at July 31. (Ignore the Cash account.) On July 1, Sport Courts of Toledo prepaid six months of rent, $4,800. Read the requirements. Requirement 1. Record the journal entry for the July 1 payment. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 1 Requirement 2. Record the adjusting entry required at July 31. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jul. 31 Requirement 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at July 31. (Ignore the Cash account.) Post the journal entry and adjusting entry to the two accounts using the dates as posting references, and then calculate and enter the ending balance of the accounts using a "Bal." posting reference. Prepaid Rent Rent Expense Compute the missing amount in the accounting equation for each entity from the financial information presented: Assets Liabilities 33,000 $ Equity 30,000 Pet Lovers Corner Grocery 29,000 71,000 114,000 Fresh Produce 51,000